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Illinois Department of Financial and Professional Regulation issues guidance to debt collection agencies and debt buyers
On March 30, the Illinois Department of Financial and Professional Regulation (Department) issued guidance to Illinois-licensed debt collection agencies and debt buyers regarding Covid-19. The guidance reminds debt collection agencies that the Illinois Collection Agency Act does not contemplate collectors’ ability to conduct business at any place other than the address of record with the Department. Debt collection agencies seeking to work at a location other than their address of record, including remotely, are directed to provide notice to the Department within 14 days of any address changes. Debt collection agencies and debt buyers are encouraged to work with consumers to modify payment schedules or suspend all collection activity for a period of no less than 60 days. The Department also notes that it will closely monitor adherence to the prohibitions on communications at times and places that should be known to be inconvenient to the debtor under the Federal Debt Collection Practices Act and the Illinois Collection Agency Act.